Govt to release innovation statement before budget

The federal government has not yet finished an innovation statement aimed at helping manufacturing adapt to a higher currency and increased competition from cheaper offshore competition, but is due to release it before the May budget.

The response to the August manufacturing taskforce will be delivered before the budget but, in line with the government’s tight fiscal strategy, is understood to contain little new spending.

The government has shied away from forcing companies to buy a percentage of their steel and building products locally, but is understood to have focused on innovation and training, as the sector transitions to a more sophisticated research-driven future that delivers cutting-edge products to a growing Asian middle class.